Sale of seven-property Houston retail portfolio closed by HFF

HOUSTON, TX, Dec. 8, 2008 – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of a seven-property strip retail portfolio totaling 213,685 square feet in the greater Houston, Texas metropolitan area.

The HFF investment sales team was led by senior managing director Rusty Tamlyn (top right photo) and associate director Mike Parker, (top left photo) who marketed the portfolio on behalf of the seller.

Houston Joint Properties, LTD., a partnership of Houston-based Satya, Inc., purchased the properties free and clear of debt for an undisclosed amount. As part of the arrangement, the same buyer will also purchase an eighth property, which is expected to close in the first quarter of 2009.

Satya, Inc. will manage all eight properties, and leasing will be handled by Josh Jacobs (bottom right) with Page Partners, also based in Houston.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.

Contacts:

James R. Tamlyn, HFF Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com

Michael L. Parker, HFF Associate Director, (713) 852-3500, mparker@hfflp.com

Myra F. Moren, HFF Director, Marketing(713) 852-3500, mmoren@hfflp.com

Grubb & Ellis Represents Landlord in 96,000-SFLease to Huntington Bank in Cleveland

CLEVELAND, OH, Dec. 8, 2008– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it represented Harbor Group International in the lease of 96,000 square feet of office space at 200 Public Square (top right photo) in downtown Cleveland to Huntington Bank.

Alex Jelepis, senior vice president, Office Group, facilitated the lease, which has a term of 20 years.

Huntington will occupy the sixth and seventh floors of the 45-story tower, which will serve as its regional headquarters, plus a portion of the 11th floor and street-level retail space.

“With various mergers, acquisitions and bankruptcies, this building has seen a turnover of over 500,000 square feet since the year 2000,” said Jelepis. “The fact that the building is now 90 percent leased shows how strong a product the building is.”

Originally built in 1985 as the corporate headquarters for Standard Oil of Ohio, 200 Public Square was renamed the BP America Tower in 1987 when British Petroleum purchased the remaining 45 percent of Sohio and merged its North American holdings to form BP America, Inc.


Jelepis has been the building’s exclusive leasing agent since 1996, when it was acquired by Equity Office Properties. He brokered the sale of building to Harbor Group in 2005 for $142 million and has handled the leasing for them since then.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com

CBRE Orlando's James Campbell Wins Leed Accreditation

ORLANDO, FL – The Orlando office of CB Richard Ellis announces LEED Accreditation for James Campbell, (top right photo) Senior Project Manager.

Mr. Campbell is involved in all aspects of development for commercial ground-up and interior construction. His role manages due diligence, design, budgeting, scheduling, construction, relocation and tracking for his clients.

With his in depth knowledge of preconstruction, construction management, program management, and strategic planning, He serves as the single point of contact and accountability as the representative on behalf of his clients, executing successful projects through out Florida.

CBRE has taken a proactive role in guiding landlords through the LEED Existing Building (EB) program and incorporating LEED for Commercial Interiors (CI) into tenant build out scopes.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

HFF secures $7.4M joint venture equity for Stonemar Properties LLC purchase of Connecticut retail center

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged joint venture equity on behalf of Stonemar Properties, LLC for their acquisition of Milford Plaza, (top right photo) a 180,051-square-foot, grocery-anchored retail center in Milford, Connecticut.

HFF director John Taylor and associate director Michael Lachs exclusively represented Stonemar Properties, LLC in the transaction that secured a private New York metropolitan area-based fund to provide the initial $7.4 million in joint venture equity.

Situated on a 16-acre site at 143-211 Cherry Street in Milford, Milford Plaza is located along the Interstate 95 corridor approximately eight miles west of New Haven. The property was redeveloped from 1994 to 2006 and is currently 89% leased to tenants including ShopRite Supermarket (anchor tenant), Bob’s Stores (co-anchor) and Blockbuster.

“Stonemar recognized the opportunities presented with approximately 30,000 square feet of vacant contiguous space at the center of the property,” said Taylor.

Headquartered in New York, Stonemar Properties, LLC is a real estate investment and acquisitions firm focused on acquiring strategically located shopping centers in expanding secondary U.S. markets.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.

Contacts:

John N. Taylor, HFF Director, (973) 549-2000, jtaylor@hfflp.com

Myra. F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com

HFF secures $11.2M refinancing for Chino, CA senior housing community

LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured an $11.2 million refinancing for Hillsborough Village, (top right photo) a 196-unit senior housing community in Chino, California.

Working on behalf of Komar Investments, HFF placed the six-year, 5.82% fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA. Komar Investments, LLC is a privately-held company engaged in a wide variety of investments.

Hillsborough Village is located at 11902 Central Avenue one half mile north of the Pomona Freeway in Chino, approximately 30 miles east of Los Angeles. Situated on a 5.8-acre site, the property has three residential buildings with 100 one-bedroom, 95 two-bedroom and one three-bedroom unit. Community amenities include a clubhouse, pool and spa.

Contacts:
Paul C. Brindley, HFF Senior Managing Director, (310) 407-2100, pbrindley@hfflp.com

Myra F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com

Marcus & Millichap Capital Corp. Names Larry Curry Senior Director of Tampa, FL Office

TAMPA, FL – Marcus & Millichap Capital Corporation (MMMC) has named Larry Curry (top left photo) a senior director of the firm’s Tampa office, according to William E. Hughes, (bottom right photo) senior vice president and managing director of MMCC.

Curry is responsible for originating loans in the company’s Tampa office, where he specializes in structuring debt and equity transactions across all major property types.

Curry has more than 28 years of commercial finance experience. Throughout structured and arranged more than $1.6 billion of capital for more than 200 real estate transactions. Prior to joining MMCC, Curry was the director of the Capital Markets Unit for Cohen Financial. Prior to that, Curry was with BancBoston Mortgage Co. and Travelers Real Estate Investment Management.

“Marcus & Millichap Capital Corp.’s reputation as a leader in the commercial real estate capital lending arena, coupled with its national platform of resources, attracted me to the firm,” explains Curry. “The firm is uniquely positioned to provide competitive loan products even as the capital markets continue to tighten.”

Curry received a bachelor’s degree in business administration from the University of Florida at Gainesville. He is a member of the International Council of Shopping Centers, the National Multi-Housing Council and the Mortgage Bankers Association.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Clancy & Theys Picks Up Two Awards for Special Projects

ORLANDO, FL – The Orlando-based Florida Division of Clancy & Theys Construction Company, one of America’s leading contractors, received a prestigious ABC Eagle Award in the 2008 ABC Excellence in Construction Awards Competition for its renovation work at the Renaissance Orlando Resort at SeaWorld,(top left photo) Orlando (Commercial, $5 to $10 Million Category).

The project consisted of the demolition and renovation of the entrance, lobby, atrium, restaurant, sports bar and the addition of a fitness center, game room, Starbucks, emergency generator and media bars, all over an eleven-month period.

The company also received Awards of Merit for the Orlando-Orange County Expressway Authority Administration and Operations Center (Commercial, $20 to $50 Million Category) and the City of Lake Mary Events Center (Commercial, $5 to $10 Million Category).

Contact: Kenneth H. Cristol 407-774-2515

MSI Wins ABC Eagle Award

ORLANDO, FL – Orlando-based Mechanical Services, Inc. (MSI), an EMCOR company, received a prestigious ABC Eagle Award in the 2008 ABC Excellence in Construction Awards Competition for its heating, ventilating and air-conditioning work at Florida Hospital Altamonte’s Patient Services Expansion ($5 to $10 Million Category).

MSI’s scope of work at the new 6-story patient tower and Emergency Department/ICU also included an expanded chiller and boiler plant and state-of-the-art air handling and control systems. Brasfield & Gorrie, LLC, Lake Mary, served as general contractor. The awards were formally presented by the Central Florida chapter of the Associated Builders and Contractors at its annual awards banquet on October 4 at the Omni Orlando Resort at ChampionsGate.


Contact: Kenneth H. Cristol 407-774-2515

Tilt-Con Completes JA World Project in Coconut Creek, FL

COCONUT CREEK, FL – Tilt-Con Corporation, Tamarac, completed Junior Achievement’s new 59,500-square-foot JA World at The Huizenga Center for Free Enterprise in Coconut Creek, FL.

Selected for the project by Stiles Corporation, Fort Lauderdale, Tilt-Con utilized its economical system for tilt-up concrete walls. Ranked as the nation’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work included foundations, slab-on-grade and tilt-up concrete wall panels.

The project was designed by Hirsch Architects, Inc., Boca Raton. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, phone 1-800-446-8458.

Contact: Kenneth H. Cristol 407-774-2515

Orlando Airport Picks Johnson-Laux for Vertical Construction Work

ORLANDO, FL – Orlando-based Johnson-Laux Construction was selected to provide Continuing Vertical Construction Services for the Greater Orlando Aviation Authority (GOAA), announced Johnson-Laux President and LEED Accredited Professional Kevin Johnson.

The scope of work includes general site construction, design-build, foundation, structural masonry, electrical, plumbing, mechanical finishes, painting, roofing, furnishing and other vertical construction work.

Contact: Kenneth H. Cristol 407-774-2515.

Marcus & Millichap Capital Corp. Arranges $5M Loan for Santa Clarita, CA Retail Center

SANTA CLARITA, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5 million fixed-rate loan to refinance Wayman Court,(bottom right photo) a shopping center located at 23120-23130 Lyons Ave. in Santa Clarita.

Adam Petriella, (top right photo) a vice president capital markets in the firm’s West Los Angeles office, arranged the financing package for Wayman Court.

“The 10-year conduit loan on the property was coming due,” says Petriella. “During the next 24 to 36 months, we see a trend in the market for conduit loans that are coming to maturity such as this one.”

Financing for this transaction was provided by a commercial bank at a 6.25 percent fixed rate. Terms of the loan are for seven years with a 30-year amortization schedule. Loan-to-value was 60 percent.

“MMCC added value to the transaction by closing the deal before the deadline to an efficient in-house loan processor,” notes Petriella.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Marcus & Millichap Special Assets Services Completes Highest Number of Distressed Property Valuations and Sales Since 1993

Pipeline indicates major wave of distressed property sales starting in 2009

NEW YORK, N.Y-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced that in 2008 its Special Assets Services division will complete the highest volume of distressed asset valuations and sales since 1993.

“To date we have completed more than 1,000 property valuations for a wide variety of financial institutions, asset managers and large owners – and we expect that number to exceed 1,500 by year’s end 2008,” says Bernie Haddigan, (top right photo) managing director of Marcus & Millichap, and executive in charge of the Special Assets Services division.

“We have already sold more than 100 troubled assets this year, which are being well received by private investors, and expect to market a large volume of these properties over the next several months. This is driven by our lender clients’ need to clear their balance sheets and various types of funds, which are actively working to free up capital,” he adds.

The Special Assets Services division, which was formed in 2006 and expanded earlier this year, is comprised of eight regional directors located throughout the United States who oversee a team of experienced investment brokers, located throughout Marcus & Millichap’s network of offices.

These investment sales specialists bring the highest level of expertise in the private investment market place.

“While we saw a marked increase in our assignments related to property specific financial problems and bankruptcies over prior years, the spike in our activity this year was with local and regional banks,” says Scott LaMontagne, head of the division’s western region, based in Los Angeles.

“Our agents have traditionally maintained relationships with local and regional lenders and are being called upon to assess the degree of the problem in commercial portfolios and bring a large portion of them to market,” explains John Leonard, the division’s eastern regional director based in Atlanta.

Commercial real estate fundamentals remained relatively healthy through the first half of 2008 with the exception of the retail property sector, which added a relatively large inventory of new product over the past three years, according to Marcus & Millichap Research Services.

“The escalation of the downturn into a global financial crisis in recent months has intensified job losses, which will lead to higher vacancies on one hand, and substantial strain on financial institutions on the other hand,” notes Haddigan.

“This combination is elevating the number of assets that have to be sold. We are actively working with Wall Street firms and national banks that sought a corporate-level solution with a single point of contact and accountability for rapidly analyzing and valuing properties, advising them on the right strategy and disposing of the assets that should be sold,” he adds.

Marcus & Millichap brings several key advantages to owners and lenders of distressed properties including its market research, extensive local market coverage, particularly in secondary and tertiary markets where much of the distressed inventory is concentrated; and most important, its industry-leading access to private capital.

“We engage a team that can assess properties thoroughly and quickly, and expose the appropriate assets to the largest pool of private investors nationally who make up more than 90 percent of sales in the current market,” according to Haddigan.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Grubb & Ellis Promotes and Adds Staff

Commercial Real Estate Veteran Steve McClurkin Joins as SVP in Newport Beach Office

NEWPORT BEACH, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces commercial real estate veteran Steve McClurkin (top right photo) has joined its Newport Beach office as a senior vice president with the Retail Group.

“Steve is a prime example of the kind of professional that we’re attracting to our company – a successful 10-year plus veteran, who leads by example, has a terrific work ethic and a great attitude,” said Kurt Strasmann, executive vice president and managing director for Grubb & Ellis in Orange County.

McClurkin comes to Grubb & Ellis after nine years with Main + Main, a retail consulting, tenant representation and lifestyle firm, where he served as partner and vice president of leasing. Prior to entering the real estate industry, McClurkin was a sales associate for Johnson & Johnson in the Washington, D.C., Virginia, and Maryland markets.

Contact: Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Michael Ross, 'The $6 Billion Man' from Colliers International, is New Face in Los Angeles Office

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE) announces that 28-year commercial real estate veteran Michael Ross (top left photo) has joined its downtown Los Angeles office as a senior vice president, responsible for investment sales on behalf of institutional and high net worth investors.

Ross has facilitated more than $6 billion in commercial real estate transactions on behalf of clients during just the past decade, earning him the moniker “The $6 Billion Man” among his colleagues.

“Mike is an example of a true real estate professional, whose expertise, experience and reputation will help the new Grubb & Ellis build market share, drive revenue across our full-service platform and better serve all of our clients,” said Chuck Hunt, executive managing director for Grubb & Ellis’ Los Angeles operations.

He joins Grubb & Ellis following 13 years with Colliers International, where he served as senior vice president and managing director responsible for the Southern California Investment Properties Division. He has been recognized as one of the leading brokers in the industry numerous times by regional and national publications, and has been one of Collier’s top five brokerage professionals each year since 1999.

Prior to joining Colliers, Ross spent 15 years with Coldwell Banker Commercial, the forerunner to CBRE, where he was ranked among the company’s top investment brokers.

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

Jenna Nelson Joins Project Management Team in Chicago

CHICAGO, IL – Grubb & Ellis Company (NYSE:GBE), has added Jenna Nelson to the Company’s Chicago-area offices as vice president and senior project manager. She will be responsible for the management of construction, tenant improvement and relocation projects for Grubb & Ellis clients in need of project management services.

“Jenna will bring a fresh alternative view and approach to the project management group” said Tom Fioretti, managing director of project management for Grubb & Ellis’ Chicago-area offices. “Her ability to find value on behalf of her clients makes her an asset to our office’s growing project management business.”

Nelson joins Grubb & Ellis from FreedomRoads/Camping World, where she was director of design and construction for the company’s over 100 RV dealerships and Camping World stores.

Shawn P. Mobley Assumes Responsibility for Midwest Region

CHICAGO, IL--Grubb & Ellis Company (NYSE: GBE) has promoted Shawn P. Mobley, (bottom right photo) executive vice president, managing director, of the Chicago offices, to oversee the entire Midwest region.

Mobley, 41, joined Grubb & Ellis in 2005 as managing director of the company’s Chicago offices. In addition to having responsibility for the day-to-day management of the Chicago offices, he will also oversee the Detroit and Cleveland offices, as well as its 16 affiliate offices throughout the Midwest.

“Shawn has demonstrated he has the leadership and management skills to assume a larger role within Grubb & Ellis, and we couldn’t be more pleased that he is now responsible for our owned and affiliate offices throughout the Midwest,” said Jack Van Berkel, president, Real Estate Services.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com

Great Wolf Resorts, Inc. Announces 30-Day Extension of Maturity Date on Mason, OH Mortgage Loan

MADISON, WI/PRNewswire-FirstCall/ -- Great Wolf Resorts, Inc. (Nasdaq: WOLF), North America's leading family of indoor waterpark resorts, has negotiated a 30-day extension of the November 30, 2008 maturity date on the company's $76.8 million non-recourse mortgage loan on its Mason, Ohio resort property.

During the 30-day extension period, the company will continue discussions with the lender to obtain a longer-term extension of the loan's maturity date. Also, the terms of the loan are unchanged during the extension period.


Additional information may be found on the company's Web site at http://www.greatwolf.com/.

Contacts: Alex Lombard, Investors, (703) 573 -9317
Media Steve Shattuck (608) 661-4731

Marcus & Millichap Sells $20M Shopping Center in Albuquerque, NM

ALBUQUERQUE, N.M.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Towne Park Plaza, (top right photo) a 201,906-square foot shopping center in Albuquerque.

The sales price was $20 million.

Scott Hook, a vice president investments and senior director of Marcus & Millichap’s National Retail Group, represented the seller, Towne Park Plaza LP of Southern California.

Hook, in conjunction with Sam Medford, a senior associate in the firm’s Santa Fe office, and the broker of record for New Mexico, represented the buyer, Los Angeles-based Towne Park Plaza LLC.

“This was an excellent opportunity for the buyer to acquire a well-maintained shopping center with a tremendous mix of national and regional tenants, 99 percent of which are credit tenants,” says Hook.

“Towne Park Plaza is the only dominant center located in the southeast quadrant of Albuquerque and will continue to be a dominant center, with traffic driven by the Presidio Housing Development, which has more than 220 condos and townhomes directly behind the shopping center,” adds Medford.

Located at 300-370 Eubank Blvd., the multi-tenant shopping center is situated on 15.1 acres, just off Interstate 40 and with a traffic count of 46,700 cars per day.

Tenants in the center include Sam’s Club, Office Depot, PetSmart, Sally Beauty Supply and Game Stop.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716